ETF look-through · holdings as of 2026-06-30 · filed 2026-08-28

XLB State Street(R) Materials Select Sector SPDR(R) ETF

20.5%of the fund sits in checked holdings with a warning filing in the last 12 months

93.4%of the fund checked (the 24 largest matched holdings)

26stocks held · 93.4% matched to an SEC filer

Health Harbor

XLB sails as: Weathered boat

Sailing speed follows growth: 1.2% a year crosses the harbor in 76 seconds.

20.5% of the fund in companies with warning filings
37.4% slow and jumpy

New shipno warning signs

Sound shipone warning sign

Weathered boattwo warning signs

Old boatthree warning signs

Rotting at the dockfour or more warning signs

Boat condition = number of warning signs: warning filings ≥ 5% of the fund; liabilities over assets ≥ 10%; slow and jumpy ≥ 30%; top 10 ≥ 60%; revenue ranges ≥ ±20%. A picture of the signs, not a rating and not investment advice.

Actuarial summary

Measure	Value	What it means
Warning share	20.5%	Share of the fund in companies that filed a warning event in the last 12 months. Lower is healthier.
Top-10 weight	58.4%	How much the 10 largest holdings carry. Higher means more rides on a few names.
Effective holdings	19	The fund behaves like this many equal holdings (1 ÷ Σ weight²). Higher is more diversified.
Largest sector	Materials 84%	Of the holdings checked. Materials 84% · Industrials & services 11% · Consumer 5%.
Revenue range	±15.7%	Weighted width of Edgarette’s tested 80% revenue ranges, on the 21% of the fund she covers. Narrower is more predictable.
Checked	93.4%	Share of the fund Health Watch has read.
Cash conversion	18.8%	Operating cash as a share of revenue, weighted. Higher = money arrives faster.
Growth speed	1.2% a year	Revenue growth per year over three years, weighted. The long-term engine.
Dividend payers	100% · raised 71%	Share of the covered fund in companies paying a common dividend, and raising it.
Equity ratio	43.8%	Equity as a share of assets, weighted. Higher = less owed to others.
Liabilities over assets	0.0%	Share of the covered fund in companies whose liabilities exceed assets (often from buybacks, not always distress).

Cash Compass

🐄 Now 48%🍂 Fading 27%🌱 Later 11%🐂 Steady 9%🌊 Between 6%

Speed and steadiness

Slow · steady 53%Slow · jumpy 37%Fast · jumpy 10%

Inside view (own filings) and outside view (same-size peers) must agree · covers 93% of the fund · a description, not advice.

Risks to watch

Concentrated: the 10 largest holdings are 58.4% of the fund.
Behaves like about 19 equal holdings (effective number), so a few companies drive the result.
Sector concentration: 84.1% of the checked holdings are Materials.
20.5% of the fund is in companies that filed warning events in the last 12 months.
37.4% of the covered fund is slow and jumpy: growing slower than peers with revenue that swings more.
Holdings are as of 2026-06-30; the fund may have changed since.

Counted as a warning: late-filing notice, bankruptcy, debt trigger, non-reliance, auditor change, restructuring, impairment or cyber incident. Leadership changes and exchange listing notices or transfers are listed but not counted, because the filing code alone cannot tell a warning from routine housekeeping.

Warning filings by kind

Kind	Holdings	Share of fund
Material impairment	4	10.5%
Restructuring or exit costs	3	10.2%
Auditor change	1	2.7%
Debt accelerated or triggered	1	0.9%

Largest holdings

Holding	Weight	Health watch, last 12 months
Linde PLC $LIN	14.06%	quiet · leadership change
Newmont Corp $NEM	5.84%	quiet · leadership change
Freeport-McMoRan Inc $FCX	5.30%	quiet · leadership change
Corteva Inc $CTVA	4.96%	quiet · leadership change
Sherwin-Williams Co/The $SHW	4.94%	quiet · leadership change
Ecolab Inc $ECL	4.73%	Restructuring or exit costs · leadership change
Vulcan Materials Co $VMC	4.72%	quiet · leadership change
CRH PLC	4.67%	not checked
Air Products and Chemicals Inc $APD	4.62%	Material impairment · leadership change
Martin Marietta Materials Inc $MLM	4.55%	quiet · leadership change
Nucor Corp $NUE	3.88%	quiet · leadership change
Steel Dynamics Inc $STLD	3.73%	quiet · leadership change
PPG Industries Inc $PPG	3.62%	quiet · leadership change
Smurfit Westrock PLC $SW	3.25%	quiet · leadership change
Packaging Corp of America $PKG	2.82%	Restructuring or exit costs Material impairment · leadership change
International Flavors & Fragrances Inc $IFF	2.71%	quiet · leadership change
International Paper Co $IP	2.70%	quiet · leadership change
Amcor PLC $AMCR	2.68%	Auditor change · leadership change
Dow Inc $DOW	2.64%	Restructuring or exit costs · leadership change
DuPont de Nemours Inc $DD	2.48%	quiet · leadership change
CF Industries Holdings Inc $CF	2.23%	quiet · leadership change
Ball Corp $BALL	2.22%	quiet · leadership change
Albemarle Corp $ALB	2.13%	Material impairment · leadership change
LyondellBasell Industries NV	1.82%	not checked
Avery Dennison Corp $AVY	1.66%	quiet · leadership change
Mosaic Co/The $MOS	0.90%	Debt accelerated or triggered Material impairment · leadership change

Holdings are as the fund reported them to the SEC for 2026-06-30; N-PORT is made public about 60 days after quarter end. Only common-stock holdings are read; cash, securities-lending collateral and derivatives are left out. Sectors come from each company’s SEC industry code (SIC), grouped broadly; they can differ from an index provider’s sector labels. Display only: this describes what the fund holds, it is not a rating of the fund and not investment advice. Source: the fund’s N-PORT filing · this page as JSON

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